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Hi,
It seems to me that having Float that is little bit harder to pull under would also translate into it being harder for the fish to spit the Hook... yes/no ?
More resistance from the float is one of the surest ways to drastically cut the number of bluegill you catch. Bigger bluegill will let go of a bait upon feeling significant resistance. I use the Gapen panfish float, which is imported from Norway. It makes a major difference.
It sure can make a difference depending on how aggressive the bite is. If the bite is aggressive float size makes little difference. If the fish are in a neutral mode and the bite is lite then float size and balance will make a difference.
I balance all my floats to match the weight of the lure I am using.